Apple iPhone to Start Accepting Credit Card Payments via NFC

Apple iPhones will start accepting credit card payments directly through its wireless NFC technology in the future update of the iOS 15.

Apple iPhone to Accept Credit Card Payments

As per a news story by Bloomberg, the Cupertino giant is currently working on a service that would allow even small businesses to accept payment from credit cards without needing any third-party terminals. Instead, they will only be required to use their iPhones.

The news outlet also said in the name report that Apple has been working on the said feature since 2020.

iPhone and Credit Cards

Currently, according to a report by 9to5Mac, iPhones can only accept credit card payments using their smartphones if they have third-party hardware connected to their mobile devices.

One of the makers of this third-party hardware is Square, which allows its users to accept payment in either an iPhone or an iPad.

iPhone NFC and Credit Card Payments

However, this time around, Apple is looking to release an update that would change just that. It would be letting go of the need for external hardware to accept card payments via their mobile devices.

The Cupertino giant will be using the built-in NFC technology of their iPhones to accept credit card payments directly on their devices.

As Bloomberg puts it: "The upcoming feature will instead turn the iPhone into a payment terminal."

In turn, once the new payment feature of Apple is out, essentially, even the smallest types of entrepreneurs or freelancers could easily accept card payments without needing to purchase an external terminal.

All they have to do is to tap the cards of their customers to the rear of their smartphones.

Bloomberg added in the same report that the upcoming payment feature of Apple comes after the Cupertino-based tech giant purchased the firm, Mobeewave, way back in 2020 to the tune of $100 million.

Some bystanders might have suspected that Apple is bringing the new payment feature to their smartphones since the acquisition in 2020.

It comes as Mobeewave has been boasting that it allows its users to accept card payments by simply tapping it to their phones even before it was purchased by the Cupertino giant.

So, if the latest report is to be believed, it turns out that Apple is bringing the seamless payment experience of Mobeewave to its devices.

The card payment feature is reportedly releasing "in the coming months," which could be in the flesh of iOS 15.4.

This article is owned by Tech Times

Written by Teejay Boris